As a business owner, you’re all about finding ways to save time or money. It’s even better when you can save on both at once. One of the best ways to free up time while cutting costs is by letting a trusted third party process your payroll. Find out how you can save time and money by partnering with a payroll service.
Outsourced Payroll Saves Time
A significant challenge of in-house payroll is the lengthy amount of time it takes to complete. The amount of data involved, required attention to detail, and checks and balances put in place to avoid errors tend to make the process inefficient. For every pay period, staff have to calculate employee hours, deductions, paid time off, sick leave, and taxes. They have to process direct deposit payments and print, sign and distribute paychecks or stubs to employees. Staff also have to generate payroll reports and prepare and submit local, state and federal payroll taxes. As your number of employees grows, staff face increasing demands on their time. Plus, staying current on wage, hour, tax and other laws and regulations can feel like a full-time job. By outsourcing your payroll to a third party, you gain access to experienced professionals who specialize in the complexities of regulations, government compliance, and taxes. Your staff has more time to focus on higher-level tasks that keep your business running.
Outsourced Payroll Saves Money
Processing payroll in-house involves significant financial risks. Staff members handling payroll can access employee records and use the information for identity theft, embezzlement, or other financial gains. Whereas housing payroll information on a server or network may leave the data open to data theft, creating a highly secure network can be costly. Making a payroll error can result in IRS fines and penalties. By outsourcing your payroll, your data is stored on highly secure servers with the latest encryption technology and ongoing data backups. Seasoned payroll professionals stay on top of all pertinent rules, regulations and tax laws to ensure accuracy and compliance. If they make errors, they correct them and handle the liability. Plus, you can add on services such as time and labor management and workers comp to complement your payroll and tax compliance. Best of all, because you pay only for the services used, you can scale up or down as needed to avoid overpaying.
Outsource Your Payroll to Red River Payroll
Save time and money by outsourcing your payroll to Red River Payroll. Our experienced professionals provide a fully paperless payroll solution to streamline your entire experience. Contact us to learn more today.